PUC Founder unit, TNB sign renewable energy power purchase pact

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PUC Founder (MSC) Bhd’s unit, MaxGreen Energy Sdn Bhd (MESB), has signed a renewable energy power purchase agreement with Tenaga Nasional Bhd (TNB) for a FiT (Feed-in Tariff) concession period of 21 years for electricity generated from its 1MWp solar photovoltaic (PV) plant.

In a filing to Bursa Malaysia today, the information technology services provider said construction of the solar PV plant was slated for operation by the fourth quarter of the year and the total commitment required to establish the plan was approximately RM8 million.

“TNB will purchase the electricity generated according to the confirmed FiT rate of RM1.0355 per kilowatt-hour,” it said.

PUC Founder said this was expected to start contributing to the group’s revenue soon.

The company planned to expand its solar PV capacity soon and the sources of funds will include bank borrowings, fund raising exercise or internally generated funds, it said.